Friday, September 30, 2011

Suki Cooper Barclays PM Analyst: Silver has the weakest fundamentals across all the metals

"2015 price target for Gold is $1400."
"Once INVESTMENT demand is out of the equation silver is weak (true Blythe hits it with short selling we know this)....the PHYSICAL demand IS NOT THERE."

Just wondering, whats Barclays SHORT interest concentration...?

Suki, let us know when you are back from Disney Land or when you need a job because if you haven't seen the physical demand for silver in the last 5 days, forget about it.

Click here to see...


  1. Through life & some books that I have read on body language, look how "Suki" has a hard swallow at 15 seconds or so. That most likely means (1) she's uncomfortable in what she is going to say (2) she isn't being truthful

  2. Is it Blythe chasing us, or us chasing Blythe?

  3. It's a Grand Illusion...

  4. She's this..


    Here is an overall chart from the June 2011 Report. One thing that immediately jumps out is that JPM now has a total nominal derivatives position of about $78 Trillion. That's a lot of nuts.

    The report shows that JPM has about 80 percent of the gold derivatives in the world on its book, with HSBC holding the other 20 percent. And in other commodities, JPM holds a similar position as well as part of their overall $78 trillion derivatives book which is heavily dominated by interest rate and credit derivatives. But hey, that's without netting, right? Oh yeah, counter-party risk.

    The other unmistakable point is that besides the increased concentration, the nominal leverage of Goldman Sachs at 537:1 is that of a hedge fund and not a commercial bank or trust. Even Morgan Stanley is running at a modest 26:1.


    -16,446 contracts net short is the largest 1-week drop in large commercial net short positioning (LCNS) since February 14, 2006 (-25,048 contracts then, with silver then $9.22).

    Since September 6 (3 reporting weeks) gold has declined a net $224.95 or 12% (from $1,874.87 to $1,649.92 Tuesday) while the large commercial net short positioning (LCNS) fell by 61,031 contracts or 26.8%

  7. A couple of things, looks like JPM really is the market and secondly, maybe there will be position limits!

  8. Suki, Public Affairs Committee for the LBMA forecast a high for gold in 2011 @ $1,620. I think she deserves a Nobel Prize for her accurate forecast, after all she was only off by more than $300.

    So she believes that by 2015 interest rates will rise and that will cause people to sell gold and get into assets which deliver a yield (presumably bonds).

    Regarding silver, she says:
    "on the longer term basis when the macro environment starts to improve in that scenario silver's industrial demand would be more important"

    I just want to know WHY she believes that the "macro environment" would start to improve. There doesn't seem to me to be any way that she is right - just like all the pundits who said Greece's "macro environment" would improve... well it hasn't and that is because simple, basic mathematics got in the way.

    Not a bad interview. She did come across as less than intelligent, but that is really to be expected of academics who hold prestigious positions in corporations, especially banks.

  9. Q & A with Suki (2009)

    If one accepts the notion that world economies and currencies are in a slow but long-term decline, should we expect silver to continue to rise as a safe haven or will its reduced demand in industrial applications pull the rug out from under it?

    Much of silver’s uptrend has been fuelled by gold’s positive performance rather than its own fundamentals. The gold-silver ratio shot up from the mid-50s at the start of 2008 to over 80 towards the end of the year. Compared to a long-run average of around 60, current levels would imply silver is undervalued whereas gold is overvalued.

    However, the fundamental outlook for silver has deteriorated. Photography and jewellery demand for silver has been on a downtrend in recent years, but taking into consideration downward revisions to global GDP growth, the outlook for industrial demand is also set to remain weak over the forthcoming months. In turn, the underlying supply and demand outlook for silver looks set to remain unfavourable in 2009.

    The real driver of silver prices despite its poor fundamentals has been the tremendous growth in investment demand as investors have built exposure to silver as a cheap proxy for gold.

    She's a bit of a johnny-come-lately, wouldn't you say?

  10. WU, why not just post the link directly to Jim Sinclair's site? Are you trying to get click-through money from people visiting your site?:

    U.S. States Seek to Break Financial Connection with Federal Government

  11. @Mike S: TRUE disinformation unit. Congrats.

  12. She's a child. No economic experience at all. $175,000 of Business school kindergarten and then straight into management. It's the English way. The bottom tooth thing is also an English way.

  13. > The bottom tooth thing is also an English way

    You're cruel; but honest. LOL! ;)

  14. Suki can " love me long time" whenever she is ready. I'm still stacking the devil's metal. Not only is it more useful than gold, but supply will dry up once Dr. Copper completely slows down. Fuck the short term downside, I'm not cashing in for 20 years from now. Buy low, sell high, besides Suki will be cheaper in 20 years!

  15. I just wish she'd get me a venti decaf with cream...and shut up!

  16. SGS her spreadsheet says it's all true.

    Thank god for excel.

  17. how does she know what will happen in 2015 - no-one knows what will happen next week at he moment. pure bollocks.